Elon Musk Urges Investors To Stray From ‘Betting the Farm on Dogecoin’

Sahana Kiran
Source – Indian Express

Time and again, Twitter and Tesla CEO Elon Musk has exhibited his inclination toward Dogecoin [DOGE]. The OG meme coin’s credibility got a boost following Musk’s endorsements. But does Musk still think DOGE is a profitable and safe bet? In a recent interview with the Wall Street Journal, Musk commented on the crypto industry and Dogecoin. He said,

“I’m not advising anyone to buy crypto or bet the farm on Dogecoin.”

It should be emphasized that this isn’t the first time that Musk made such a declaration. During 2022’s gruesome bear market, he affirmed that he had “never said that people should invest in crypto.” He further noted,

“In the case of Tesla, SpaceX, and myself, we all did buy some Bitcoin, but it’s a small percentage of our total cash assets.”

The above statement was made in light of the $258 billion lawsuit against Musk. The Twitter chief was accused of inflating the price of Dogecoin. More recently, Musk was seen urging a U.S. judge to throw out the lawsuit. During the past few months, Musk has been actively engaging with the Dogecoin community. However, it is worth noting that despite his interactions, no significant collaborations or partnerships with Dogecoin have materialized thus far.

Is Dogecoin still Musk’s favorite crypto?

About a year ago, Musk highlighted the reason behind his support for Dogecoin, highlighting that many individuals who are not financially affluent have expressed their encouragement for him to invest in and endorse Dogecoin. Consequently, he explained that his actions are merely a response to the sentiment expressed by those individuals.

In his latest interview, he reinstated his inclination towards the meme coin and affirmed that DOGE continues to remain his favorite. He pointed out that the meme coin has “the best humor and it has dogs.

Despite Musk’s latest comments, DOGE has been sinking. The meme coin has dropped by 2.84% over the last 24 hours. At press time, the asset was trading at $0.07146. Additionally, at DOGE’s current price, about 50% of its holders were pocketing profits. 46.66% of the coin holders were enduring a loss.